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COIN -7.09%
Bitcoin and Solana are two of the most important digital assets in the world. And now, there’s a new way to leverage them together.
What’s happening:
- Layer 1.5 blockchain Zeus Network has officially launched zBTC which allows users to leverage their Bitcoin holdings to be able to use Solana based decentralized finance applications and protocols
How it works:
- zBTC is a 1:1 representation of Bitcoin on the Solana blockchain that allows Bitcoin holders to participate in applications and protocols within the Solana ecosystem
- Users can simply deposit their Bitcoin to a wallet address provided by Zeus Network and an equivalent amount of zBTC is issued on Solana
- zBTC can already be used across multiple Solana decentralized finance applications including for lending, borrowing, staking, yield farming and more
Why it matters:
- Finding ways to bring Bitcoin into decentralized finance applications has been an emerging trend, with Coinbase (NASDAQ: COIN) previously launching their Coinbase Wrapped Bitcoin product onto both Base and Ethereum blockchains
Going deeper:
- Zeus Network has been purpose built to bridge the Bitcoin and Solana blockchains by taking advantage of high speed, low cost transactions made possible by the Solana blockchain and the security and mass adoption of the Bitcoin network
The intrigue:
- Solana is also beginning to find adoption in the traditional public markets in a similar fashion to Bitcoin and Ethereum, with applications for spot Solana ETFs being filed with the United States Securities and Exchange Commission and publicly traded companies starting to accumulate Solana to hold directly as an asset
